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Economy
17 May 2022, 18:53

Rising performance of Belarusian enterprises alleviates consequences of sanctions

Dmitry Yaroshevich. An archive photo
Dmitry Yaroshevich. An archive photo

MINSK, 17 May (BelTA) – The growing performance of enterprises contributes to the alleviation of consequences of the sanctions-fuelled pressure. Belarusian Deputy Economy Minister Dmitry Yaroshevich made the statement as he commented on the latest data regarding the country's social and economic development, BelTA has learned.

According to the source, Belarusian enterprises kept showing positive dynamics of the main financial indicators in Q1 2022. Earnings continued growing faster than prime costs. Hence, the profit margin increased by one percentage point in comparison with last year to 8.3%. An 11.8% increase in net profit helped a lot with reducing the number and share of loss-making enterprises. Better transaction discipline resulted in reduced accounts receivable and reduced overdue payments on loans – by 0.1 and 0.2 percentage points respectively. The Belarusian ruble has been growing stronger since April. The realization of support measures thanks to “anti-crisis” presidential decree No.93 should also help improve net profit dynamics.

Speaking about the performance of the Belarusian economy in January-April 2022, Dmitry Yaroshevich stressed that the most important task of the government continues being fulfilled: real revenues of the population are not going down. “No doubt, the sanctions are having a restraining effect on the real sector of the economy. The GDP growth rate slowed down to 97.9% in January-April. However, salaries, pensions, and welfare benefits rose up to 100.2% taking into account inflation. It means that consequences of the external pressure have not reduced living standards of the people. Government agencies, the private sector, the expert community, and the scientific community are working hard to beef up the resilience of the economy and tap into additional reserves for economic growth. Foreign direct investments represent one such reserve. In Q1 2022 we managed to raise over $1.8 billion in net terms. It is a record high number in the last eight years. Capital inflow can be used to implement investment projects, including within the framework of creation of import-substituting enterprises. Thus, we could even faster occupy the market niches the withdrawal of companies from unfriendly countries has left vacant on the Russian market,” the deputy economy minister concluded.

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